Consumers Want Money Well Spent
By Steve Schueth
The turbulent economy of recent years has led many consumers to reevaluate how they spend their money. Getting more out of each dollar is increasingly important. Consumers today want not just good investments, but meaningful ones.
At the same time that consumers claim to be more satisfied with less, they have become more discerning with their money. Approximately a third of consumers report that they understand their spending decisions impact both the environment and other people. With that understanding comes an increased desire to have the ability to make purchasing decisions in a responsible, sustainable manner.
Companies practicing corporate social responsibility can capture increased willingness to pay from such discerning consumers. One out of five consumers says they are willing to pay up to 20 percent more for products made in a sustainable fashion. One of four consumers believes that products that are environmentally friendly are perceived to also be of higher quality.
Corporate social responsibility can also affect consumer decisions simply by existing. Two-thirds of consumers report they are more likely to do business with and feel positive about a company that is involved with specific charities.
While monetary cost is very important in uncertain times, it is clear that there is more to purchasing decisions these days than simple sticker prices. Consumers care more about the impact of their money on the environment and people both near and far. Companies who understand the changing needs of customers will be better placed in future dealings with them.
Read more: “The Return on Investment Lifestyle,” NMI, June 7, 2012
Posted: June 14, 2012